The Central Bank tightens control: silence about cryptocurrency risks will become punishable
The Bank of Russia has announced a new level of oversight for the digital asset market. The regulator intends to systematically combat misselling—situations where financial organizations sell one product under the guise of another or deliberately conceal key characteristics, including risks associated with cryptocurrencies. This statement came in the context of the upcoming launch of retail sales of digital currencies through licensed intermediaries starting September 1.
What the regulator promises
Oversight of sales practices will be mandatory, as cryptocurrency market regulation in Russia is in its initial stage. Particular attention at the first stage will be paid to the quality of client information: how honestly and fully financial organizations disclose risks, not just potential returns. In essence, the Central Bank is taking on the role of an arbiter that will assess not formal compliance, but the actual good faith of the seller.
The already established filters—testing of buyer knowledge and limits on transaction amounts depending on the level of risk—remain in force. However, as emphasized, these measures do not exclude but complement each other. The regulator intends to closely monitor seller behavior and apply sanctions if violations are detected. At the same time, there is hope that it will not come to punishments.
Testing and limits remove some risks at the entry point, but do not guarantee that the client will be honestly informed about the product during the sale. That is why the Central Bank is adding its own control over market participants' behavior to the formal barriers.
What lies behind the new rules
In August, the president signed a law that for the first time comprehensively regulates the circulation of digital currencies and digital rights in Russia. The document establishes rules for the operation of crypto exchangers, depositories, and market participants, and also defines conditions for purchasing cryptocurrencies for investors. The regulation covers the organization of circulation, accounting, and storage of digital currencies, mining, issuance, and circulation of digital rights. The scope also includes operators of information systems with digital financial assets, exchangers, depositories, brokers, management companies, trading organizers, and clearing organizations.
For non-qualified buyers, the Central Bank has set a limit of 300,000 rubles per year for purchasing assets through a single intermediary. At the same time, distributing transactions across different licensed platforms remains a legal way to bypass this threshold—a loophole that experts have already noted as a significant shortcoming.
Industry analysts call this document the institutionalization of the market, rather than its legalization in the consumer sense. The Central Bank's by-laws—testing criteria, registry procedures, requirements for depositories—will determine the actual stringency of the rules more than the text of the law itself. Article 30 also remains controversial, as it permits the issuance of digital currency as a loan only to crypto brokers, trust managers, exchangers, and clearing organizations, leaving miners and private holders of large portfolios out of the picture.
My view: This step by the Central Bank is a logical continuation of the course toward total formalization of the crypto market. However, the effectiveness of oversight will depend on how quickly the regulator can adapt to real sales schemes. Misselling in digital assets is a more complex phenomenon than in traditional finance, and this will require not only recording violations but also proactive analysis of intermediary behavior. For now, the market is receiving a clear signal: playing by the rules will be mandatory from day one.